The Indian government's new budget proposes to maintain social spending and achieve fiscal balance, all without raising taxes. Those were among the disclosures from Indian Finance Minister P. Chidambaram as he spoke at a closed meeting with investors in Hong Kong held by Citigroup. Chidambaram "suggests the fiscal deficit target will be met, taxes will not be raised -- the tax regime will be stable, and while policy will and should be biased towards the poor, the budget will offer a lot," said a Citigroup research note from the meeting.

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